The HSBC NRE Account is a savings / current bank account held in India, in Indian Rupees.
You can deposit your foreign currency earnings into the NRE account by transfers from your country of residence or transfers from other NRE accounts in India. The money you deposit in foreign currency is converted into Indian Rupees, as per the prevailing foreign exchange rate1. You can always convert it back to foreign currency and repatriate the sum out of India, since both principal and interest earned in this NRE account are Freely repatriable.
All foreign currency transactions through HSBC India are subject to Service Tax. Please Click here for details.
1 Foreign exchange rate are subject to daily change
2 Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. The tax consequences are also based on individual facts and circumstances. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. We assume no obligation or liability of any nature whatsoever by issuing this document. For US Citizens and US Residents, if necessary, you should consult your tax advisor for questions regarding the US tax treatment of these deposits. If you are resident in any other country, you should consult your tax advisor regarding the tax treatment of these deposits in your country of residence.
3 A transaction fee is applicable for withdrawals from other bank ATMs or any ATM outside India. All cash withdrawals overseas must be strictly in accordance with the FEMA Regulations of the Reserve Bank of India. The aggregate expenses (i.e. through cash/traveller's cheques/your bank accounts) should not exceed the limit set by RBI, as prevailing from time to time. 4Log on to the Personal Internet Banking account on www.hsbc.co.in to know more
5 This feature requires separate registration
6 Free for first year debit card facility is only available to nominated family members who have been appointed as the Power of Attorney for an NR Account holder. Fees will be charged on the debit card held by the primary NR account holder. Please refer to the debit card sections in www.hsbc.co.in for details on debit card fees.
NR Accounts and NRI Services are offered by The Hongkong and Shanghai Banking Corporation Limited in India (HSBC India) under the Reserve Bank of India Non-Resident Indian Program.
NR deposits are offered under the Reserve Bank of India program for Non-Resident Indians and are governed by the rules in effect from time to time relating to such programs, are subject to the sovereign risk arising from, and governed by the laws of, or any changes to the laws of India.
We remind UK citizens and UK residents that deposits with HSBC India are not subject to the rules made under the Financial Service Act 2000 for the protection of private customers, including the Financial Services Compensation Scheme.
NR deposits with the Bank in India are not insured by Federal Deposit Insurance Corporation (FDIC) of the U.S.A., nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. Under current U.S. tax laws, U.S. citizens and residents are subject to tax on their worldwide income. You should consult your tax advisor for the U.S. treatment of income from these deposits.
HSBC India is the branch of The Hongkong and Shanghai Banking Corporation Limited and HSBC India is not regulated in Canada. NR deposits with the Bank in India are not insured by Canadian Deposit Insurance Corporation (CDIC), nor by any other insurance company or corporation outside India and are payable only at the branch of the Bank in India where the deposit is made. You should consult your tax advisor for the Canada treatment of income from these deposits.
NRI accounts and services are offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India). HSBC India is a branch of The Hongkong and Shanghai Banking Corporation Limited. The Hongkong and Shanghai Banking Corporation Limited has a Representative Office in the UAE licensed by the Central Bank of the United Arab Emirates.
Deposits/accounts held with HSBC India are not protected deposits under the Hong Kong Deposit Protection Scheme and are not protected by such scheme.
For Residents within Kingdom of Bahrain, we remind you that deposits made with HSBC India do not benefit from the protection provided under the Deposit Protection Scheme established by the Central Bank of Bahrain regulation concerning the establishment of a Deposit Protection Scheme and a Deposit Protection Board.